Q2 2024 International Money Express Inc Earnings Call Transcript

Aug 07, 2024 / 01:00PM GMT

Transcript 10-Q8-K

Key Points

Positve

International Money Express Inc (IMXI) achieved a record total revenue of $171.5 million for Q2 2024.
Adjusted EBITDA reached $31.1 million, with a margin of 18.1%.
Adjusted EPS grew by 10% year-over-year, demonstrating strong operational efficiency.
The digital business outpaced market growth, significantly expanding margins and profitability.
The integration of La Nacional resulted in a threefold increase in its EBITDA, highlighting successful strategic acquisitions.

Negative

Adjusted EBITDA fell slightly short of internal expectations.
The company faced several economic and market-specific challenges during Q2.
Retail market conditions were challenging, with a reported decline in retail remittances.
Interest expenses rose to $3.1 million due to higher revolver usage and slightly higher software costs.
The company booked a $2.7 million restructuring charge to streamline offshore operations, impacting GAAP EPS.

Operator

Good day and thank you for standing by. Welcome to the International Money Express Inc. second quarter 2024 earnings conference call. (Operator Instructions)

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Alex Sadowski, Investor Relations Coordinator. Please go ahead.

Alex Sadowski

International Money Express Inc - Investor Relations

Good morning, and welcome to the Intermex second quarter 2024 earnings call. I would like to remind everyone that today's call includes forward-looking statements, including our 2024 guidance, and actual results may differ materially from expectation.

For additional information on International Money Express, which we refer to as Intermex or the company, please see our SEC filings, including the risk factors described therein. All forward-looking statements on this call are based on assumptions and beliefs as of today. You should not rely on our forward-looking statements as predictions of future events.

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